Chicago Real Estate Blog

The City of Chicago is one step closer to taking over the old abandoned post office along the riverfront.  Earlier this month Mayor Rahm Emanuel received support from the Community Development Commission to invoke power of eminent domain over the property.

The site has stood vacant since 1995.  It was sold to British-born developer Bill Davies in 2009 with the promise of a multi-billion dollar plan to repurpose the building and construct a number of high-rise towers.  The city gave its approval to that plan in 2013 but since that time no work has been done.

Due to a lack of any action being taken, plus the current state of the building, City Hall announced in February plans to take over the building itself and put it on a redevelopment path.  While Davies is expected to fight the process, the city says its next step is to take in proposals from new developers and push ahead with a new idea. 

Those proposals will be accepted until June 10, with the city planning to select a development partner in July.